Spanish fruit grower and supplier Planasa has taken full control of its China blueberry subsidiary Meiming.
Planasa, which specialises in fresh berries but also cultivates and distributes asparagus, avocados and garlic, has acquired the remaining 50% stake in Meiming from its partners, brothers Martin and Thomas Dabilly.
Financial terms were not disclosed in a statement from Valtierra, Navarra-based Planasa, which was founded in 1973 and supplies global markets.
The company entered China in 2017 through the partnership with Yunnan Meiming Agricultural Company, co-owned by the Dabilly siblings.
“This development brings a significant leap for Planasa as it cements its foothold in the large and fast-growing blueberry Chinese market,” the company said.
Meanwhile, Jeffrey Fan has been appointed managing director to head up the Chinese business, which supplies Planasa’s blueberry varieties to retailers in the local market.
Fan’s “primary responsibility will be to position Planasa as a relevant player in the fresh blueberry market, solidifying the company's genetics presence in China”, the company added.
Planasa CEO Michael Brinkmann recognised the Dabilly brothers for their “commendable work” running Meiming, which he said is set for a “phase of expansion”.
In September, Planasa got a new owner in the form of Germany’s EW Group, a family-owned investment holding company based in Visbek.
UK-based private-equity firm Cinven acquired a majority stake in Planasa in 2017, with peer Blue Label Capital also a shareholder. EW Group became the sole owner of the business last month.
Thilo Sautter, a partner at Cinven, said then: “Cinven has successfully driven strong growth at Planasa by investing in the core business, expanding globally, significantly growing R&D and attracting a first-class management team. We have worked with management to transform Planasa from a founder-led business to a leading global agri-tech operator.”
Planasa supplies its produce to retailers around the world, as well as seeds and plants to farmers. The company employs around 4,000 people in 25 countries and supplies customers globally from production facilities across Europe, Africa, the Americas and Asia, according to its website.
